NVC Lighting raises $198 million from Hong Kong IPO

The shares are priced at the low end of the range, but interest is strong enough to trigger a clawback, boosting the size of the retail tranche to 30%.

NVC Lighting Holdings has brought a dim light of hope to the otherwise fairly gloomy market for initial public offerings. The deal sailed through the Hong Kong IPO market and received enough interest to trigger a clawback that increased the allotment to retail investors to 30% from 10%. The institutional portion was multiple-times covered.

That makes this deal something of a hit, especially since it was in the market at a time when several major IPOs were either cancelled...